Jul 30, 2011 5:00am EDT
of the world will say you are more of a liability to lend to than france or germany or bring britain or canada. i believe when this episode is written this historical episode is written that they will lay the blame of that squarely on the part of the republicans ap personally on john boehner in particular. let me explain why, for ten years on international markets we've known about the twin deficits, the public deficit, the government deficit and the trade deficit. we knew it needed to be sorted out. we were looking for a bipartisan approach on that and you've had various commissions in that regard. what the republicans decided to do usa was up to ante and have the fight now. they said we'll use the debt ceiling. they're saying to the rest of the world you know that $14 trillion that we've lent to you and our own people, from tuesday, we may not pay any interest on it and we may not repay the principal. they hold the rest of the world to ransom. what do they get in return for that? remember the yardstick from s&p is about $4 trillion of spending cuts or revenue increases to start bending the c
Jul 31, 2011 7:00am EDT
or hong kong or germany or britain or indeed canada, and believe when this historical episode is written, michael, they will lay the blame squarely on the part of the republicans and personally on john banenoehner particularly. we've known for ten years of the public, trade deficit. we looking at a bipartisan approach on that. you've had various commissions in that regard. what republicans decide to do, up the ante, accelerate things and have the fight now. what in effect did they do? use the debt ceiling. that means they're saying to the rest of the world, you know thathat $14 trillion? we may not pay the principle and hold the rest of the world ransom subpoena what did they get in return noor? remember here from s&p, $4 trillion of spending consults or revenue to bend the kurn down. when obama was talking to boehner a few weeks ago, we getting near that. now we don't have anywhere near a $4 trillion move at all. because bavor couldn't sell the revenue increases to the party. last we're holding the world to ransom. one more thing, michael. in that process, the politics are now poisoned.